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Other Return Options > Return Presentation tab (1120)
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Use this tab to set various return presentation options that will apply to all 1120 clients.
To view this tab, select
Setup
, 1120 Corporation
, select the Federal
tab, select Other Return Options
, then select the Return Presentation
tab.note
- Depending on your security configuration, there might be a prompt asking you to enter the master password before you can open any entity type's tab.
- The options set in this tab will also apply to 1120 clients whose data was converted from another tax application.
Fields & buttons
Complete Schedule G when receipts and assets are less than $250,000 (Form 1120-C)
If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedule G, Allocation of Patronage and Nonpatronage Income and Deductions on Form 1120-C. Mark this checkbox to have UltraTax CS complete Schedule G regardless of total receipts and year-end assets.
Complete Schedule L when receipts and assets are less than $250,000
If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedule L. Mark this checkbox to have UltraTax CS complete Schedule L regardless of total receipts and year-end assets.
note
This checkbox applies to 1120, 1120-S, and 1120-C clients; however, Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120 REIT, and 1120-SF clients.
Complete Schedule M-1 and C Corporation Schedule M-2 when receipts and assets are less than $250,000
If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedule M-1 (for C Corporations, S Corporations, and Cooperative Associations) nor Schedule M-2 (for C Corporations or Cooperative Associations). Mark this checkbox to have the schedules completed regardless of total receipts and year-end assets.
note
This checkbox applies to 1120, 1120-S, and 1120-C clients, however the threshold for 1120-F, 1120-PC, and 1120-REIT clients is $25,000.
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when assets are less than $50 million
UltraTax CS automatically prints Schedule M-3 if the total assets at the end of the year equal or exceed $10 million. If the total assets are less than $50 million, the corporation isn't required to file Schedule M-3, Schedule B (Form 1120) or Form 8916-A. Mark this checkbox to print Schedule M-1 in lieu of Schedule M-3, Parts II and III. Also, UltraTax CS won't print Schedule B (Form 1120) and Form 8916-A when you mark this checkbox.
note
This checkbox applies to corporations filing Form 1120, 1120-C, 1120-F, or 1120-S.
Display zero in balance sheet when column is blank
Mark this checkbox to have UltraTax CS print a zero in the balance sheet column, and statements, when there is an amount in 1 column, and the other column is blank.
note
This checkbox applies to all 1120 clients.
Print Form 1125-E when receipts are less than $500,000
UltraTax CS automatically prints Form 1125-E if receipts are equal to $500,000 or more. If receipts are less than $500,000, Form 1125-E isn't printed. Mark this checkbox to print Form 1125-E even if receipts are less than $500,000.
note
This checkbox applies to corporations filing Form 1120, 1120-C, 1120-F, 1120-REIT, or 1120-S.
Print Form 8283 columns (e), (f), and (g) if not required
If the amount claimed as a deduction for any item is $500 or less, then columns (e), (f), and (g) are not required to be completed. Mark this checkbox to print Form 8283, columns (e), (f), and (g) even if they are not required.
note
This checkbox applies to all 1120 clients.
Print the 9325 mailing address left-justified
Mark this checkbox to print the mailing address on the left side of Form 9325. UltraTax CS prints the address on the right side by default.
note
This checkbox applies to all 1120 clients.
Print Schedule K-1 instructions when shareholder is a 1040 client (S Corp)
Mark this checkbox to have UltraTax CS print the Schedule K-1 instructions in the Shareholder Package for shareholders that are marked as a 1040 client in
View
, Shareholder Information
, Other Info
tab. If this checkbox is not marked, UltraTax CS won't print the Schedule K-1 instructions for shareholders that are marked as a 1040 client.note
- Verify that the Schedule K-1 instructions are marked As Required in the Government collation of the Shareholder Package.
- The printing of the Schedule K-1 instructions for shareholders who are not 1040 clients are not affected by this option.
Print Schedule K and K-1 statements when exception to filing Schedule K-2 is met
The Schedules K-2 and K-3 (Form 1120-S) instructions include an exception to filing Schedule K-2. One of the criteria for meeting this exception is that the S Corporation will need to notify the shareholder that the Schedule K-3 won't be provided unless requested. This notification can be provided as an attachment to the Schedule K-1.
UltraTax/1120 prints a statement for Schedule K, line 17d and Schedule K-1, line 17AD when you mark this checkbox.
note
This checkbox applies to corporations filing Form 1120-S.
Suppress printing of Form 1120, Page 6 when receipts and assets are less than $250,000 (C Corp)
If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedules L, M-1, and M-2 of Form 1120, Page 6. However, Form 1120, Page 6 will continue to print. Mark this checkbox to have UltraTax CS suppress the printing of Form 1120, Page 6 .
note
This checkbox applies to C Corporations and Cooperative Associations only.
Truncate officer SSNs on Form 1125-E
Mark this checkbox to have UltraTax CS truncate the SSNs on Form 1125-E by displaying only the last 4 digits of the officer's SSNs.
Use Rental real estate as the type of activity for new Rent screens
Mark this checkbox to have UltraTax CS treat a newly added
Rent
screen as a rental real estate activity instead of an other rental activity.note
This checkbox applies to both new and proforma'd clients.
Carry Schedule M-1 book/tax differences to Schedule M-2 (S Corp)
UltraTax CS doesn't transfer the S Corporation Schedule M-1 differences to Schedule M-2 when you leave the Sch M-2 column blank in the statement window for the following fields in Screen Ms.
- Taxable income not on books
- Book expenses not deducted
- Income on books not on return
- Return deductions not on books
Select the Schedule M-2 account to change where the differences are reported.
note
This field applies to all 1120-S clients.
Default for Screen D, Detail schedule, Form 8949 transactions
UltraTax CS prints transactions on Form 8949 Copy C for short-term transactions, or Copy F for long-term transactions, when you leave the
8949 Box
column blank in the statement window for the Detail schedule
field in the D
screen. Select the copy of Form 8949, or the option to report the transaction directly on Schedule D, to change where these transactions are reported.note
This field applies to all corporate clients filing Form 8949 or Schedule D.